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We have an answer to the question posed on Wednesday regarding the Japanese Yen. Later on that day, the 160 Yen resistance level was indeed the first to break after the pair capitulated and finished the day 0.7% higher. During early morning trading today, USDJPY tentatively ventured higher still, surpassing the 161 mark before pulling back. A few hours ago, the story became yet more interesting after the Japanese government appointed Atsushi Mimura as its new top currency diplomat, replacing Masato Kanda. Earlier in the year, the latter had stepped in to defend the Yen with a massive sell-off of foreign reserves, only for the Yen to fall to record-breaking lows just a couple of months later anyway. The levels currently in play have not been observed since 1986.
Little to speak of in US indices recently, with the big three content to remain lukewarm ahead of the PCE price index publication later today. The Nasdaq Composite edged 0.3% higher yesterday to come within touching distance of its previous all-time high, the S&P 500 and Dow Jones barely finishing above flat on Thursday. The first presidential debate is currently providing an amusing distraction to markets but the inflation metric will provide valuable data to both the Federal Reserve and markets at large. Any data print significantly at odds with predictions will introduce even more drama into the unfolding Yen situation. Currency traders may be in for an interesting end to the week.
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